Latest update January 18th, 2025 2:52 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Fix major impediments to effective expenditure management – IMF tells Guyana

Jul 17, 2018 News

Guyana’s extractive industry is poised to usher transformational wealth; the kind that will see an overall augmentation of the nation’s economic performance. But if the authorities are to truly reap the benefits of this “transformational wealth” then there are key areas which have to be addressed.
This is according to the International Monetary Fund (IMF).
IMF conducts annual assessments on the financial health of several countries including Guyana.
Recently, the Fund said that the local authorities must work towards reducing the costs of doing business, strengthening private sector confidence, and advancing productivity-enhancing reforms.
The Fund said that part of the reforms will have to include an overhaul of the systems for ensuring quality and efficiency of government expenditure. It was pointed out that the poor rate of implementation of the Public Sector Investment Programme (PSIP) is one area that underscores the need for reform.
Earlier this year, Finance Minister Winston Jordan echoed similar sentiments. He indicated that he wants to see quick improvements, especially when one considers that the national performance on the PSIP last year was still far below Government’s expectations and economic needs.
In addition to this, the IMF wants the government to improve its procurement practices.
It warned that if the government is unable to do this, then it should not hasten to pump money from the extractive sector into public infrastructure projects.
The Fund said that its Public Investment Management Assessment (PIMA) could help the government streamline the appraisal, selection and execution of projects.
It stressed, “Bringing project selection, public procurement and investment management in line with international best practices would enhance the quality of public investment which would be supported by wealth from the extractive sector.”

Similar Articles

The Glenn Lall Show | January, 13th, 2025

 

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Windies captain Brathwaite stresses bravery, belief ahead of Pakistan Test Series

Windies captain Brathwaite stresses bravery, belief ahead of Pakistan...

Jan 17, 2025

SportsMax – With the stakes high and the odds challenging, West Indies captain Kraigg Brathwaite has placed an unyielding focus on self-belief and bravery as key factors for his team to deliver...
Read More
In-form Savory dazzles on second day with classy half-century

In-form Savory dazzles on second day with classy...

Jan 17, 2025

Moo Milk sponsors National U12 Chess tourneys

Moo Milk sponsors National U12 Chess tourneys

Jan 17, 2025

Determinators’ 2-1 win over Pele FC keep them alive as DeJonge needles Potaro

Determinators’ 2-1 win over Pele FC keep them...

Jan 17, 2025

Lusignan Golf Club to host Inaugural GBTI Mastercard Golf Classic this Sunday

Lusignan Golf Club to host Inaugural GBTI...

Jan 17, 2025

GFF Referee department recognizes top performances at Referee Award Ceremony, FIFA badges issued

GFF Referee department recognizes top...

Jan 17, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]